“They’ve been investing in price since 2001, and you’re finally seeing the results in their comps,” said Karen Short, managing director of Deutsche Bank Securities, New York.
“And it hasn’t just been price — it’s been price, service, quality of product, that they have loyalty card data. I think they saw the writing on the wall and made the decision in 2001, and you’re seeing payback from a 15-year investment cycle.”